We know what you’re thinking. You just closed on your Stratus loan and are starting training for your airline pilot career or commercial pilot career. Did you know this is the perfect time to get your loan paid off FAST? We want to help you pay as little as possible on your loan, and if you follow the below steps, we think you will pay it off in HALF THE TIME. Ready? Let’s dig in!
Located All of Your Loan Documents
Find your loan documents you signed with your loans. Can’t find it? No problem. Contact Stratus and we will send you a copy of your documents. If you have other loans, pull a copy of your credit report to find out.
After you figure out who you owe (besides Stratus of course!), you need to how much you owe on your loans, when your payments are due, what your payments are, and the interest rate for each loan. By creating a spreadsheet with your loan amounts and interest rates, you can pinpoint the loans with the highest interest rate. Loans with the highest interest rate are going to typically be the most expensive loans you have.
How Much Do You Have Available to Repay Your Loans?
Now that you know how much you owe, you can look at how much monthly distributable income you have available to repay your student loans. Why should you prioritize this? The less you owe, the more you will have to pay for other important things in your life, like vacations!
Have you ever created a monthly budget before? If not, we highly recommend you create one. You can create one here.
Take Advantage of Auto-Debit!
Enrolling in auto debit will help ensure your student loan payments are paid on time each month.
At Stratus, for example, we offer and encourage auto-debit from your account. By making on-time payments each month, you will save money on your total loan cost, which could in result in your paying off your student loans faster
Make Additional Payments When You Can, or the Same Payment Twice A Month
You may also be able to pay your student loans off faster by making a student loan payment twice a month, or even additional payments when you can!
Since many people get paid twice a month, this repayment strategy lets customers fit their student loan payments into their twice monthly budgets. On a typical monthly repayment schedule, a borrower makes 12 student loan payments per year. By making 24 payments, a student could lower your principal amounts more frequently, which could lead to lower total interest being paid over the life of the loan.
What about money you get besides working? Whether it’s a birthday gift, graduation present, year-end bonus, or any other reason you get extra money, use your extra income to make more than the minimum payments on your student loan. This will also help you save money on interest and total loan costs over the life of your student loan.
Employers Pay Your Student Loans
When you look for a career, look to whether your employer will repay your student loans for you. These jobs typically come with a lower salary, but the huge benefit of your job paying your student loan likely means a HIGHER overall package for you as the employee.
What If I Can’t Pay?
If you’re having trouble paying down your student loans, you should speak with your cosigner, if you have one. Your cosigner is equally responsible for paying off the loan, so they should be aware if you’re having trouble. They could help you with either money or additional options as they will also likely need to pay your loan if you default.
At Stratus, we want you to be successful. If you have any questions, please call us or email us at studenthelp@stratus.finance and we will assist you with your questions.